"August, 2017" Archive - Page 3

GST Calendar Till December, 2017 Tax Period

Any registered person, who fails to furnish return within the due dates, shall be liable to pay a late fee of Rs. 100 per day under CGST and Rs. 100 per day under SGST, subject to a maximum of Rs. 5,000/- under CGST and Rs. 5,000/- under SGST....

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Refund Under GST regime

All we have made payment of our tax dues under GST regime, and we filed our GSTR 3B, and now we are ready to file our GSTR-1, 2, 3 in coming week and we are eagerly waiting for our refund of taxes paid as ITC. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for worki...

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How to determine residential status under Income Tax Act. 1961?

Residential status will be determined as per section 2(30) and test of resident in India u/s 6(1). Section 6(6) does not have any role once the status has been determined as non-resident and no conditions given under 6(6) needs to be checked further....

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Goods Transport Agency (GTA) under GST

Transportation is a huge part of the economy. Any problems in transportation disrupts the entire business channel. This is why any petrol price change has a far-reaching effect in disruption of business....

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Clause by Clause Analysis of TRAN-1 under GST

Transition involves moving from what was to what will be—its a period of time where one is in between a familiar and a new situation or environment. This can be an exciting, or could be stressful or may be frightening. Witnessed it is like opening of mystery in front of your eyes. Now we move forward from migration of registrations, fu...

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Rs. 5,000 per day limit under GST for RCM applicability

An attempt is made to analyze the above provisions where the author is of the opinion that there is anomaly in drafting the provisions as well as corresponding notifications. Now look at the relevant provisions....

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1 Month and 7 GST Returns!!

As we already knew that in September month there are 7 returns to be filed under GST (for July & august) and this month is going to be a bit hectic. In this write-up, an over view of all the forms together with their due dates are being discussed...

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What to do if your claim from mediclaim policy is rejected?

Most of the times, amidst having taken a health insurance policies from reputed companies, we end up paying from our pockets. Ignorance is the major cause for us to put ourselves in this situation. Well, you have a policy, spent majorly on an illness but your claim is rejected. I know how frustrated it would have been for you. Ok, what ca...

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Procedure to verify First time importers / exporters and Submission of KYC documents

Public Notice No. 112/2017-JNCH (31/08/2017)

Representations have been received from first time importers / exporters/ other stakeholders highlighting problems faced during verification of documents by Customs. It has been represented that number of documents are being asked from them, which adds to the transaction cost and also delays the import and export shipments....

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IRDA Clarification on Aadhaar based e-KYC

Ref. No: IRDA/SDD/MISC/CIR/204/08/2017 (31/08/2017)

Authority vide circular dated 21st October, 2013 and AML Master Circular dated 28th September, 2015 allowed Aadhaar based e-KYC service offered by UIDAI for KYC verification. 2. It is hereby clarified that for accessing the details of the client from UIDAI for identification and authentication shall be with the consent of the client on a ...

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